Economics

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Economics
Bingo
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Economics Bingo
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Topic 1 for 1
QUESTION Skilled software professionals who
work for Apple are an example of what kind of
resource?
Check Your Answer
4
Definitions
Answer human resource (human capital)
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5
Topic 1 for 2
Question Computer factories in the city of New
Delhi, India are an example of what kind of
resource?
Check Your Answer
6
Topic 1 for 2
Answer capital resources (capital goods)
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7
Topic 1 for 3
Question In 1973, the United States decided to
support Israel in a war against Egypt and several
OPEC countries in the Middle East. Because of
Americas support for Israel, OPEC refused to
export oil to the US. This refusal to trade oil
resulted in an oil shortage in the US. This
situation is an example of which economic term?
Check Your Answer
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Topic 1 for 3
Answer EMBARGO
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9
Topic 1 for 4
Question After Mao Zedong successfully took over
China, the Chinese government began making all
economic decisions. Factories were told how much
to produce and farms were told how much to grow.
The government also decided how much each citizen
would get paid to do their jobs. China has what
kind of economy?
Check Your Answer
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Topic 1 for 4
Answer COMMAND ECONOMY
COMPLETE govt control
NO govt control
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11
Topic 1 for 5
Question American pretzels cost 4. When Germany
imports their famous 2 pretzels into the USA, a
3 tax is placed on them. Instead of selling for
2, Americans must purchase German pretzels for
5. Because of the tax, Americans are more likely
to buy the American made product.
2 German pretzel 3 U.S. tax 5
German pretzel after tax
4 U.S. pretzel
This act of placing a tax on imports is known as
what?
Check Your Answer
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Topic 1 for 5
Answer TARIFF
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Topic 2 for 1
Question What makes trading goods and services
easier between people and countries?
Check Your Answer
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Topic 2 for 1
Answer CURRENCY
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15
Topic 2 for 2
Question When Iran ships oil out of their
country to another this is known as...
Check Your Answer
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Topic 2 for 2
Answer EXPORT
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17
Topic 2 for 3
When Katie visited Japan, she was able to use a
machine at the airport to change all of her
American dollars () into Japanese money known as
yen () so that she could purchase some souvenirs
for her family in Japan. Being able get the
amount of yen () that her dollars () were worth
is an example of which economic term?
Check Your Answer
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Topic 2 for 3
Answer EXCHANGE RATE
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19
Topic 2 for 4
This important organization is very powerful
throughout the world. The countries that belong
to this organization form a confederation that
decides how much oil is produced in their
countries and the price it will be sold for.
Check Your Answer
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Topic 2 for 4
Answer OPEC (Organization of Petroleum
Exporting Countries)
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21
Topic 2 for 5
Question Muhammad grew up in a village in Africa
where his father was a camel herder and his mom
grew wheat. Muhammads parents traded their goods
for the things that their family needed to
survive. Muhammad also followed in his fathers
footsteps and became a camel herder. This
situation describes what kind of an economy?
Check Your Answer
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Topic 2 for 5
Answer TRADITIONAL ECONOMY
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23
Topic 3 for 1
Question One of the main reasons for Japans
entrance into World War II was their lack of oil
and iron ore. They invaded other countries that
had large amounts of these items. Oil and iron
ore are examples of which important economic term
that countries need and will fight over?
Check Your Answer
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Topic 3 for 1
Answer NATURAL RESOURCES (raw materials)
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25
Topic 3 for 2
China brings Iranian oil into their country to
fuel their automobiles and factories. The act of
China bringing oil into their country from
another country is an example of which economic
term?
Check Your Answer
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Topic 3 for 2
Answer IMPORT
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27
Topic 3 for 3
Many people risk their time, money, and energy
everyday to create businesses that will hopefully
make a profit. This risk in order to try and
bring a new product or service to consumers is an
important process in most economic systems. This
important process of creating new businesses is
know as what?
Check Your Answer
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Topic 3 for 3
Answer entrepreneurship
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29
Topic 3 for 4
Japan used to put a limit on how much American
beef could be imported into their country every
month. Japan did this because they want to make
sure that people bought Japanese beef, not just
cheaper American beef. This restriction on
imports is known as what?
1000
per month
Check Your Answer
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Topic 3 for 4
Answer QUOTA
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31
Topic 3 for 5
the of people who can read and write in a
country
Check Your Answer
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Topic 3 for 5
Answer literacy rate
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Topic 4 for 1
Question Japan has a very high literacy rate of
99. Obviously, Japan invests heavily in its
human capital. As a result, one could also expect
Japan to have a high _____________________.
Check Your Answer
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Topic 4 for 1
Answer standard of living OR per capita GDP
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35
Topic 4 for 2
If a country wanted to increase its GDP, what
could it do? It could ___________ in capital
resources, like newer machines, that could make
goods faster.
Check Your Answer
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Topic 4 for 2
Answer invest
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Topic 4 for 3
Question After several disastrous economic
policies (ex. the Great Leap Forward), China
began making changes to their countrys economy.
The command economy that had been in place began
to change. Some parts of Chinas economy began to
take on characteristics of a market economy.
However, the changes did not entirely transform
their command economy into a market
economy. These changes that China made to their
economy created which type of economy?
Check Your Answer
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Topic 4 for 3
Answer Mixed economy
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39
Topic 4 for 4
Iran sells its oil to Italy and Italy sells its
wheat to Iran. What type of trade are they
participating in?
Check Your Answer
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Topic 4 for 4
Answer International trade
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41
Topic 4 for 5

• Question The way in which a nation uses its
  resources to satisfy peoples needs and wants.
  Every nation has to answer the basic questions of
  . . .
• what will be produced?
• (2) how will it be produced?
• (3) for whom will it be produced?

Check Your Answer
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Topic 4 for 5
Answer Economic system EXAMPLES
command market mixed traditional
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Topic 5 for 1
The value () of all the goods and services
produced by country in one year?



Check Your Answer
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Topic 5 for 1
Answer GDP (Gross Domestic Product)
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45
Topic 5 for 2
Question Anything a country does to control
trade with another country.
Check Your Answer
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Topic 5 for 2
Answer trade barrier EXAMPLES tariff quota e
mbargo
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Topic 5 for 3
An economic system based on individual choices
and voluntary trade. In this system, the
producers and consumers make individual decisions
about what goods will be produced, how they will
be produced, and for whom.
Check Your Answer
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Topic 5 for 3
Answer market economy
COMMAND
MARKET
MIXED
FULL govt control
NO govt control
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49
Topic 5 for 4
Saudi Arabia is a dry country with limited
natural resources except for oil. The U.S. grows
a surplus of crops every year, but doesnt have
much oil. As a result of their resources, Saudi
Arabia and the U.S. are trading partners. The act
of only making certain products (ex. oil, crops)
is known as what?
Check Your Answer
50
Topic 5 for 4
Answer specialization
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